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Real Estate
Reply to "financial contingency in the real state contract"
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[quote=Anonymous][quote=Anonymous]You just ruined your family relationship by borrowing money you can't pay back. You will need to disclose this money to the bank[/quote] Who says you can't pay the money back? That is an assumption you are making out of nowhere. Ever hear of income growth potential? Nobody is advocating making irresponsible financial decisions that could jeopardize relationships, but borrowing money from family can be very smart and also can help build generational family wealth. And of course you need to disclose the source of those funds to a bank. But you usually have to get the family "lender" to sign something that states there is no obligation to repay. That is the point - it isn't a legally binding debt obligation as far as the mortgage lender is concerned.[/quote]
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